Question ID: 2834
Regulation Reference: Other
Status: Rejected
Date of submission: 18 Oct 2023
Question
Do private members of a peer-to-peer insurance network without any insurance company participating have to fulfil regulatory requirements when they insure themselves amongst each other?
Background of the question
Me and some friends want to create a social network where we give each other protection in case of a damage, a loss. We are not sure if this "legal".
EIOPA answer
This question has been rejected because it does not relate to the consistent and effective application of the legal framework covered by this Q&A process.
The definition of insurance is ruled by national legislation and therefore, it is suggested to contact the national supervisory authority.